British Gas announces good progress - 17/11/2010
Energy suppliers Centrica have announced a strong performance in the third quarter, with "good progress [made] towards strategic priorities".
Interim results for the group showed British Gas accounts increased by 270,000 since the start of the year, while service account numbers have risen by 181,000.
Domestic gas consumption was down two per cent in the third quarter compared with the same three months of 2009, while electricity demand fell by one per cent over the same period; moves which the company claims are related to the success of energy efficiency measures designed to reduce underlying average energy consumption.
However, cheap gas customers should be preparing themselves for rising costs, Centrica said.
"Forward wholesale gas and power prices are significantly higher for 2011 than they have been in the current year. Other costs, such as network charges and environmental obligations, are also rising. This has necessitated an increase in our residential gas and electricity prices of seven per cent, which we announced on November 12th and which will take effect from December 10th."
The group said its earnings per share are expected to be in line with current expectations.
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